It was valued above USD 2.5 billion in the previous fundraising round.

Chinese bike-sharing platform Hello Chuxing, once known as Hello Bike, is seeking several hundred million US dollars in a new round of financing that would take the company’s valuation to USD 4 billion, online news portal ifeng.com reported on Wednesday, citing unnamed sources close to the matter.

At the end of last year, the company announced that it had raised RMB 4 billion (USD 583 million) in new funding led by Alibaba affiliate Ant Financial and Primavera Capital Group. At that point in time, the company was valued above USD 2.5 billion, according to 36Kr, citing unidentified sources close to investors in that round.

Hello claims that it has implemented a slew of measures to guarantee safety, and announced that it has set up a fund with RMB 500 million (USD 74.3 million) to fuel its hitchhiking services. This cash is meant to be spent on promotional campaigns, such as waiving commission, offering discounts for passengers, and doling out bonuses for drivers who sign up to offer rides.

In China, a hitchhiking platform matches passengers who need a ride with drivers who are heading the same way, even for longer, inter-city journeys. This allows both parties to save on travel expenses. The platform then takes a cut from the fee received by the driver.